Several investors have approached Telefónica over a potential acquisition of its Argentine subsidiary.

Bloomberg reports that the Spanish carrier has received preliminary interest in recent months from Argentine and foreign investors in the unit.

Telefónica has not responded to the reported interest and is unlikely to push ahead with any plans until the company's new chief executive finalizes his strategic review.

Telefónica named Marc Murtra as its new executive chair last week. Murtra will replace José María Álvarez-Pallete, who has held the position since 2016.

The company, which operates under the Movistar brand in Argentina, serves more than 16 million customers in the market.

The carrier has previously divested units in Central America and has been keen to reduce its business in Latin America since 2019.

Millicom International Cellular, another Latin American-focused telco, acquired Telefónica's Panamanian, Costa Rican, and Nicaraguan mobile units in 2019 for a combined $1.6 billion.

Last year, it was also reported that Millicom was in talks with Telefónica over a potential acquisition of Telefónica's Colombian unit.

Telefónica's key markets are in Europe, including its home market, Spain, plus Germany and the UK.